This company reports excellent Q3 numbers; Buy

- Apcotex Industries Ltd. is one of the leading producers of Performance Emulsion Polymers in India.

- Revenue for the 3rd quarter rose by 19.30% to Rs. 849.44 million from Rs. 712.04 million over the corresponding quarter last year.

- Net profit for the quarter increased by 95.48% to Rs. 60.50 million from Rs. 30.95 million, when compared with the prior year period.

- During Q3 FY15, EBITDA increased by 69.81% to Rs. 114.35 million from Rs. 67.34 million over the corresponding quarter last year.

- Earnings per Share for the company were Rs. 5.79 compared to Rs. 2.96 in Q3 FY14, registered a growth of 95.48%.

- During Q3 FY15, Profit before Tax increased by 119.57% to Rs. 85.26 million from Rs. 38.83 million over the corresponding quarter of the previous year.

- Net profit grew by 99.65% to Rs. 189.09 million for the end of 9M FY15 from Rs. 94.71 million for the end of 9M FY14.

- Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 33% each over 2013 to 2016E respectively.

Outlook and Recommendation: At the current market price of Rs.466.10, the stock P/E ratio is at 19.06 x FY15E and 16.09 x FY16E respectively. Investors are recommended to buy the stock for a price target of Rs.520.00 for medium to long term investment.

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ, Themarkets.com, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.

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